Member access

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  Anglo American plc    AAL   GB00B1XZS820

ANGLO AMERICAN PLC (AAL)

95
Delayed Quote. Delayed London Stock Exchange - 05/01 11:35:11 am
1165 GBp   +5.43%
05/03DJBHP Models Leaner Look for Mining
05/03DJBHP Models Leaner Look For Mining
05/01 FTSE lifted by Lloyds and miners but election nerves start to sho..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Kumba To Continue Defending South Africa Sishen Iron Ore Right

02/17/2012 | 06:15am US/Eastern

Kumba Iron Ore Ltd. (KIO.JO), South Africa's largest iron ore producer, said Friday it will continue to defend its ownership rights to the Sishen mine as the country's mineral department appeals a high court decision from last year.

Kumba, a subsidiary of Anglo American PLC (>> Anglo American plc), launched legal action in August, accusing the government of wrongly awarding a lucrative stake in Sishen to politically connected Imperial Crown Trading, or ICT.

The 21.4% stake was previously owned by ArcelorMittal South Africa (ACL.JO), which had lost the right after it failed to convert it under the new mineral laws. Kumba already owned the remaining stake.

In December 2011, a Pretoria high court ruled that Kumba was the owner of 100% of Sishen and therefore the Department of Mineral Resources, or DMR, was wrong in awarding the stake to ICT and therefore that deal was void.

Early this month, both the DMR and ICT submitted applications to appeal against the High Court judgment, Kumba said.

"[Sishen Iron Ore company] will continue to take the necessary steps to protect its shareholders' interests in this regard," Anglo American said in its results Friday.

In the meantime, an interim pricing agreement that Kumba said was invalid after ArcelorMittal lost its Sishen stake has been extended to July 31, 2012, Kumba said. Arbitration between the two over the pricing agreement has also been postponed until the stake legal proceedings are concluded.

-By Devon Maylie, Dow Jones Newswires; +27117837848; devon.maylie@dowjones.com

Stocks mentioned in the article : ARCELORMITTAL, Kumba Iron Ore Ltd, Anglo American plc
React to this article
Latest news on ANGLO AMERICAN PLC
05/03DJBHP Models Leaner Look for Mining
05/03DJBHP Models Leaner Look For Mining
05/01 FTSE lifted by Lloyds and miners but election nerves start to show
05/01DJLONDON MARKETS : FTSE 100 Higher As Lloyds, Miners Rally; Pound Slides
05/01DJBarrick Gold Hires Former BlackRock Fund Manager
05/01DJBarrick Gold Hires Former BlackRock Fund Manager Catherine Raw Onto Leadershi..
05/01DJLONDON MARKETS : FTSE 100 Higher As Lloyds, Miners Rally
05/01DJLONDON MARKETS : FTSE 100 Falls As Barclays Moves Lower, But Lloyds Jumps
04/29DJFor De Beers, There's a Diamond in the Mining Waste
04/24 ANGLO AMERICAN : CEO: Divestments On Track, 2015 Off To "Solid Start"
Advertisement
Chart
Duration : Period :
Anglo American plc Technical Analysis Chart | AAL | GB00B1XZS820 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF